KARACHI, (Dec. 23, 2022) –The State Bank of Pakistan has formally granted approval to pilot launch Pakistan’sfirstagriculturefocusedFintech, Digitt+, its Electronic Money Institution (EMI).Digitt+is powered by Akhtar Fuiou Technologies (AFT).
The purpose of this agri-fintech app is todigitize the agricultural ecosystem,offer financiali nclusion to farmers and unbanked people throughits technology, partnership, relationship with agri-businessesandFMCGsinPakistan.
Digitt+ has partnered with Fuiou Pay, a leading international payment solutions provider,to provide market-based alternative to the traditional banking system. FuiouPay offersholistic enabling solutions through their seventy five intellectual property licenses andseveralpatentedsoftware.
“We look forward to providing financial technology solutionsto the farmers of Pakistan who will be able to open bank accounts and gain access tocreditandmoderndigitalfinancialservicessuchasbillpayments,e-commerce,investments, and money transfers. The approval from State Bank of Pakistan is an important milestone in thatdirection.This effort has the potential to solve food securityissues, enhance crop yields, and improve human welfare in Pakistan, directly impactingthousandsoffarmersandmerchants”, said Qasim Akhtar Khan, Founder and Chief Strategy Officer at Digitt+ while talking about the potential of the venture.
Pakistan has been an agriculture powerhouse for decades. Agriculture employs almosthalf of the country’s workforce and contributes about 25% to GDP. Despite its size andprominence, the sector does not have commensurate access to financial services fromthe banking system.
“we are using technology to develop innovative digital financial productsfocusingonmicro servicestobuildacomprehensiveplatformthatwillenablethedeliveryof these solutions to a wide range of users, not only for the retail Agri market but for thecorporate sector as well, through the provision of specialized business tools.” addedAhmedSaleemi,CEOofDigitt+,givingfurtherinsightonhowthecompanywouldunlockthepotentialoftheAgrieconomy.
